Crypto stocks enter earnings week trailing almost everything. Charlie Bilello’s table on Friday, October 23, ranked Bitcoin (−7.3%) and gold (−7.5%) the weakest of 21 asset classes in 2026, w
Crypto stocks enter earnings week trailing almost everything. Charlie Bilello’s table on Friday, October 23, ranked Bitcoin (−7.3%) and gold (−7.5%) the weakest of 21 asset classes in 2026, with Coinbase and Strategy reporting on Thursday. Commodities lead the year with a 52.5% gain. Coinbase shares are down 27%.
The divide is stark. Investors who bought US stocks or a basket of commodities are comfortably ahead this year; those who sought shelter in the two classic stores of value are not. Can this week’s earnings reports give the crypto sector a reason to catch up?
Bitcoin (-7.3%) and Gold (-7.5%) are the two worst performing major assets so far in 2026. This is something we haven't seen before in any calendar year. pic.twitter.com/MkJ1Phtndl
— Charlie Bilello (@charliebilello) October 25, 2026
Both are paying for strong runs and a market that has rewarded other things. Gold rose 63.7% in 2025, the best year in Bilello’s table, and has since given back 7.5%. Bitcoin has now fallen in two straight years for the first time in that 16-year record, down 6.3% in 2025 and 7.3% so far in 2026.
The money has gone elsewhere. Commodities, lifted by oil above $110 a barrel, are up 52.5%; US value stocks are up 23.7%, the Nasdaq 100 15.1% and the S&P 500 12.3%. Even US cash, at 2.9%, has outperformed both Bitcoin and gold this year.
Mostly worse than Bitcoin itself. Coinbase is down 27.3% this year, Galaxy 34.3% and Robinhood 15.9%, by Friday’s closes. The miners have suffered most recently: Marathon, Riot, CleanSpark and IREN have each lost between 43% and 46% in the past month.
Two names stand apart. Strategy, the largest corporate holder of Bitcoin, is down only 3.9%, a better result than the asset it holds. Circle, the issuer of the USDC stablecoin, is up 8.3%, the only one of the ten crypto stocks we tracked that is positive for the year.
Thursday’s earnings, above all. Coinbase publishes its third-quarter results after the close on October 29, and Strategy publishes its own the same evening. For Coinbase, the focus is trading revenue, which tends to follow retail activity closely; for Strategy, it is the size of its gain on Bitcoin, which rallied through the third quarter.
Strategy shareholders also vote on Wednesday on allowing daily dividends on its preferred shares, including STRC, a change the company hopes will make those securities easier to sell. Its purchases have slowed: the October 19 filingshowed 267 BTC bought at about $82,900, taking holdings to 848,517 BTC at an average cost of $75,446.
That average cost is the figure to watch. With Bitcoin near $80,300, Strategy’s holdings are only about 6% above their purchase price.
Bitcoin closed Sunday below its 50-day EMA at $80,808 and has yet to recover it. The October 21 rally to $84,898 reversed the following day.
Resistance sits at $82,850, where the mid-October rebounds stalled. Support lies at $79,221, Saturday’s low, and then at $76,300, where the 200-day EMA meets the September base. Strategy’s average cost of $75,446 sits just beneath it.
A daily close above $82,850 would reopen the path to $84,898 and give crypto stocks some relief into earnings. A break below $76,300 would bring Strategy’s cost basis into play, a level the market will watch closely.
The year has rewarded the real economy over its digital and monetary alternatives. For crypto stocks to close that gap before December, they will need more than a Bitcoin rebound; Thursday’s numbers will have to show the business underneath is holding up.
The post Bitcoin and Gold Are 2026’s Worst Asset Classes So Far, and Crypto Stocks Have Fared Worse: Can Coinbase and Strategy Earnings Change the Story This Week? appeared first on Tokenist.
